Firms To Watch: Capital markets (equity)

Charltons' recent caseloads saw Julia Charlton and Calvin Ho advising on bond issuance and listings on the Hong Kong Stock Exchange.

Capital markets (equity) in Hong Kong

Clifford Chance

Particularly strong on the underwriter side, as a result of entrenched firmwide institutional ties with many leading global and regional banks, and also picking up a considerable amount of issuer mandates, Clifford Chance receives a ‘tremendous flow of work‘ and is consequently fully abreast of current market trends from both perspectives. Led out of Hong Kong by Amy Lo and aided by a significant presence in Shanghai and Beijing, the team, which ‘understands the cultural and commercial background of mainland China’, is appreciated for the integrated nature of its advice which frequently leads to big-ticket IPO work (on both bank and issuer side) for Chinese corporates seeking to list on the Main Board of the Hong Kong Stock Exchange. Although the firm is sector agnostic, it has recently been particularly active advising on transactions within the TMT, financial services, healthcare and real estate sectors. Virginia Lee continues to develop a flourishing reputation on both transactional matters, including IPOs and pre-IPO investments, as well as on regulatory issues relating to listing rules. Tim Wang is the main contact in Beijing.

Practice head(s):

Amy Lo; Tim Wang  (Beijing)

Testimonials

Clifford Chance has teams in Hong Kong and Mainland China that can handle Hong Kong’s equity capital market business, and the scale is among the top in the industry. From the perspective of resource allocation, the firm has outstanding advantages for assisting Chinese customers in handling large-scale projects with tight schedules and heavy tasks.

The team understands the cultural and commercial background of mainland China, and are also familiar with the actual situation of the Hong Kong capital markets.’

Clifford Chance’s Hong Kong Equity Capital Market team includes lawyers from both mainland China and Hong Kong. They understand the cultural and business background of mainland China and the actual situation of Hong Kong’s capital market, which has obvious advantages in daily communication with companies and Hong Kong regulators.

‘Tim Wang demonstrated superb professional and technical ability.’

Tianning Xiang has shown strong professionalism in both project implementation and the communication with relevant regulatory agencies.’

Key clients

Kuaishou Technology

JD.com

Haier Smart Home

Nongfu Spring

China Bohai Bank

CR Mixc Lifestyle (under China Resources Group)

China International Capital Corporation

Postal Savings Bank of China

China Pacific Insurance

SDIC Power

Work highlights

  • Advised the joint sponsors and underwriters, including Morgan Stanley, Bank of America and China Renaissance Securities, on Kuaishou Technology’s $5.4bn IPO and listing on the main board of the Hong Kong Stock Exchange.
  • Advised the joint sponsors, Bank of America, UBS and CLSA, and the underwriters on JD.com’s $3.87bn IPO and secondary listing on the Hong Kong Stock Exchange.
  • Advised Haier Smart Home Co., Ltd (Shanghai and Frankfurt listed) on the merger with its Hong Kong-listed subsidiary, Haier Electronics Group Co., Ltd. The merger was effected by a privatisation of 1169 by scheme of arrangement. This was then followed by a listing of the H shares of Haier Smart Home which were offered in exchange for the shares held by the shareholders of 1169.

Davis Polk & Wardwell LLP

Able to advise on US and Hong Kong law, the ‘highly experienced and knowledgeable‘ team at Davis Polk & Wardwell LLP is an extremely popular choice, on both the issuer and underwriter side, for Chinese companies seeking to list on the Hong Kong Stock Exchange and in the US. As well as advising on conventional US listings (where it is also able to leverage the strength of its market leading New York practice), the office has also forged a strong reputation in relation to the thriving Special Purpose Acquisition Company (SPAC) market and recently advised Provident Acquisition (an Asia-focused blank cheque company targeting tech companies in Southeast Asia) on its $200m Nasdaq listing. James Lin  led on the aforementioned matter and has vast experience advising US and Hong Kong IPOs by Chinese companies. Li He is also a cornerstone of the firm’s China facing work, and like Lin is appreciated for his flexibility and ability to advise on both Hong Kong and US listings. Biotech and healthcare is a particular sector strength, an area that Yang Chu and recently promoted partner Steve Wang  are prominent practitioners. ‘Extremely dedicated’ counsel Kevin Zhang  is also a key member of the team and goes ‘above-and-beyond to provide best-in-class advice’. 

Practice head(s):

Yang Chu; Li He; James Lin

 

Other key lawyers:

Steve Wang; Kevin Zhang

Testimonials

Highly experienced, knowledgeable and dedicated partners. They are in a league of their own in Hong Kong.’

Kevin Zhang is sharp, has depth of US securities law knowledge and is extremely dedicated. He goes above and beyond to provide the best in class advice.’

Key clients

New Horizon Health Limited

Adegene Inc.

Provident Acquisition Corp.

Pop Mart International Group

Antengene Corporation Limited

Zai Lab Limited

Ming Yuan Cloud Group Holdings Limited

Hangzhou Tigermed Consulting Co., Ltd.

Shenzhen Hepalink Pharmaceutical Group Co., Ltd.

Genetron Holdings Limited

Work highlights

  • Advised New Horizon Health Limited in connection with its $263m IPO and listing on the HKEX and an international offering in reliance on Rule 144A and Regulation S.
  • Advised Adagene Inc. on its SEC-registered IPO of 8,457,100 American depositary shares.
  • Advised Provident Acquisition Corp. on its $230m IPO of 23,000,000 units.

Kirkland & Ellis

Led out of Hong Kong by David Zhang and aided by significant resources from mainland China, Kirkland & Ellis has excellent credentials among PRC companies, and by virtue of the firm’s US heritage (and US-qualified lawyers in situ across Asia) is well-positioned to advise them on listings both on the Hong Kong Stock Exchange, as well as on US IPOs. The team is also extremely well-versed in the regulatory regimes associated with the Asian and US markets, enabling it to anticipate any potential regulatory roadblocks, as well as to quickly and efficiently act upon any subsequent concerns. The return in January 2021 of Mengyu Lu from Sidley Austin further enhances the firm’s issuer credentials, in light of her strong track record advising Chinese companies from a range of industries, including healthcare and life sciences, on their Hong Kong listings.

Practice head(s):

David Zhang

Other key lawyers:

Mengyu Lu 

Testimonials

It is a diverse and hardworking team.’

Key clients

Goldman Sachs (Asia), BofA Securities, UBS Securities, HSBC Securities (USA), China PA Securities (Hong Kong), Morgan Stanley, CLSA, Jefferies, J.P. Morgan Securities, BOCI Asia, Haitong International Securities, Stifel, Nicolaus & Company, China Renaissance Securities (Hong Kong) and KeyBanc Capital Markets

Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC, UBS Securities LLC, China International Capital Corporation Hong Kong Securities Limited, Tiger Brokers (NZ) Limited and SNB Finance Holdings Limited

Goldman Sachs (Asia), UBS Securities and China International Capital Corporation Hong Kong Securities

Goldman Sachs (Asia) L.L.C., UBS Securities LLC, China International Capital Corporation Hong Kong Securities Limited, CLSA Limited and Barclays Capital Inc.

Wynn Macau

Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, China International Capital Corporation Hong Kong Securities Limited, CMB International Capital Limited, China Renaissance Securities (Hong Kong) Limited, CLSA Limited, Haitong International Securities Company Limited, Lighthouse Capital International Inc., Tiger Brokers (NZ) Limited and Futu Inc.

Chindata Group Holdings Limited

SVF Investment Corp.

J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Ltd.

J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC, China International Capital Corporation Hong Kong Securities Limited and Goldman Sachs (Asia) L.L.C.

Goldman Sachs, Merrill Lynch, Citigroup, China International Capital Corporation, Credit Suisse, Nomura International and Brocade River Asset Management

Goldman Sachs (Asia), BofA Securities, Jefferies, Haitong International Securities and KeyBanc Capital Markets

Goldman Sachs, J.P. Morgan Securities, Jefferies Hong Kong, CMB International Capital, China Renaissance Securities, Haitong International Securities, Macquarie Capital. Futu Securities International and US Tiger Securities

Poema Global Holdings Corp.

Silver Crest Acquisition Corporation

Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., and Jefferies LLC

Morgan Stanley, Goldman Sachs (Asia), BofA Securities, China Renaissance and Tiger Brokers

Zhaoke Ophthalmology Limited

Global Synergy Acquisition Corp.

Suzhou Basecare Medical Corporate Limited

Latham & Watkins LLP

Effectively able to dispense Hong Kong, US and English law advice to a balanced mix of underwriters and issuers, Latham & Watkins LLP is a common dominator on either side of the table on many Hong Kong and US equity listings for Chinese companies. Vastly experienced team head Cathy Yeung is one of many within the team that has particular expertise advising on life sciences and TMT-related issuances. The firm’s life sciences-related capital markets expertise is also underscored in the context of regulatory work, and the team continues to pick up work on behalf of the regulators in relation to the listing rules that it helped to create, relating to pre-revenue biotech companies listing in Hong Kong. Benjamin Su is noted for his TMT-related capital markets work (for both issuers and underwriters) and has been a key member of the team that has advised the increased flow of Chinese companies in the sector going public in the US and Hong Kong.

Practice head(s):

Cathy Yeung

Other key lawyers:

Benjamin Su; Allen Wang ; Terris Tang

Key clients

Kuaishou Technology

Connect Biopharma Holdings Limited

Fulu Holdings

ESR Cayman

China Jinmao Holdings Group Limited

China International Capital Corporation Hong Kong Securities Limited

The Goldman Sachs Group, Inc.

JPMorgan Chase & Co.

CLSA Capital Markets Limited

Morgan Stanley

Work highlights

  • Advised Kuaishou Technology on its $6.2bn IPO and 144A/Regulation S offering on the Main Board of The Stock Exchange of Hong Kong (HKEX).
  • Advised the underwriters in the secondary listing and US$1.07bn IPO of Trip.com, a leading one-stop travel platform globally, on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).
  • Advised the underwriters on XPeng Inc.’s US IPO of 114,693,333 American Depositary Shares and listing on the New York Stock Exchange for total proceeds of $1.7bn.

Linklaters

Able to draw upon the vast reservoir of knowledge developed across the firm’s global practice, including from London, the ‘technically strong and responsive‘ team at Linklaters excels in advising on often cutting-edge mandates for a balanced mix of issuers and underwriters. Led from Hong Kong by Gilbert Li and also able to advise on local PRC law by virtue of the firm’s joint operation, Zhao Sheng Law Firm, the firm is well-placed to provide advice to Chinese corporates, including many within the tech and healthcare sectors, seeking to raise capital via an IPO, a secondary offering or through convertible bond issuances. Li is one of many at the firm that is ‘deeply attuned to the most current regulatory issues’, including several partners that have completed secondments at the two main regulators overseeing the effective running of the Hong Capital markets. Counsel Donnelly Chan regularly handles equity offerings, as well as ongoing compliance in the aftermath of listing, as part of his wide-ranging corporate practice.

Practice head(s):

Gilbert Li

Testimonials

The team is technically strong and responsive.’

‘Gilbert Li and Iris Yeung are responsive, hands-on and able to provide practical solution to complicated issues.’

Key clients

Cathay Pacific Airways Limited

Blue Moon Group

China Yangtze Power Co., Ltd

China Securities International

BofA Securities

UBS

CICC

Work highlights

  • Advised on Meituan’s $10bn top-up placement and issuance of CB –largest ever sale of new shares by a Hong Kong-listed company.
  • Advised on Xiaomi’s record-breaking $3.1bn follow-on offering.
  • Advised Blue Moon Group on its $1.27bn IPO and listing on the Main Board of the Hong Kong Stock Exchange.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP‘s small but nimble four-partner Greater China team, provides ‘high-quality advice’ to issuers and underwriters on their domestic equity work, as well as in the context of Chinese companies listing in the US. The firm has also been at the forefront (for issuers and underwriters) of the growing trend, amid heightened US-Sino political tensions, of US-listed Chinese companies seeking a secondary listing on the Hong Kong Stock Exchange, in what has been dubbed “homecoming listings”. Team head Celia Lam has a market-leading reputation as a result of her work over the years for PRC state-owned and private enterprises on their Hong Kong listings. Christopher Wong’s robust Hong Kong IPO practice has been developed over many years’ experience advising on both sides of the deal table; he has also been at the forefront of the firm’s homecoming listings work. Counsel Marjory Ding is also recommended, as a result of the varied experience she has built up advising clients on their public and private offerings of equity and debt securities, as well as on corporate governance matters. Chris Lin retired in September 2020.

Other key lawyers:

Marjory Ding; Kai Fan

Testimonials

The team provides high-quality advice.’

Key clients

51job, Inc.

Alibaba Group Holding Limited

Athenex Inc.

Baozun Inc.

BEST Inc.

Binjiang Service Group

Cango Inc.

Canaan Inc.

Cheerwin Group Limited

China Logistics Property Holdings Co., Ltd

Crystal International Group

Ganfeng Lithium Co., Ltd.

GDS Holdings Limited

GreenTree Hospitality Group Limited

Homeland Interactive Technology Ltd.

Hon Hai Precision Industry Co., Ltd.

Honma Golf Limited

Inke Limited

JNBY Design Limited

LightintheBox

Mulsanne Group

Natural Food International Holdings

Ozner Water International Holding Limited

Phoenix New Media

Phoenix Tree Holdings Limited

Qudian Inc.

Qutoutiao Inc.

Regina Miracle International (Holdings) Limited

Ruhnn Holding Limited

Smoore International Holdings Limited

Sunkwan Properties Group Limited

United Microelectronics Corporation

XPeng Inc.

Yalla Group Limited

Yingli Green Energy Holding Company Limited

Zhongliang Holdings Group Company Limited

Zhenro Properties Corporation

Zhou Hei Ya International Holdings Company Limited

Bank of American Merrill Lynch

Bank of China International

CCB International

China Merchants Securities

CICC

Citigroup

CLSA

Credit Suisse

Deutsche Bank

Goldman Sachs

Haitong Securities

HSBC

J.P. Morgan

Macquarie Capital

Morgan Stanley

UBS

Work highlights

  • Advised GDS Holdings Limited on its HK$14.88bn Hong Kong secondary listing, the first Hong Kong secondary offering structured.
  • Advised Smoore International Holdings Limited on its HK$7.1bn Hong Kong IPO, the first vaping company listed in Hong Kong.
  • Advised XPeng Inc. in its $1.72bn IPO on New York Stock Exchange, the largest IPO by an ESG-oriented company based in China in 2020.

Skadden, Arps, Slate, Meagher & Flom LLP

Benefiting from integrated US, UK and Hong Kong law capabilities from across the firm’s Greater China offices, Skadden, Arps, Slate, Meagher & Flom LLP is well-positioned to advise Chinese issuers, in particular, on their equity capital markets work on the Hong Kong exchange, as well as their transatlantic offerings. The firm has, according to one client, ‘owned the homecoming market’, and has been involved in a slew of secondary listings on the Hong Kong stock exchange, as many tech companies retreat from the US amid heightened political tensions. As well as her continued work on many major Hong Kong-based IPOs, the ‘superbPaloma Wang has also been at the forefront of the firm’s prominence in the secondary listing market, work which has recently included advice to JD.com on its $4.27bn listing – the largest global offering on the Hong Kong Stock Exchange in 2020. Julie Gao, who heads up the China practice, and Shu Du were also involved in the aforementioned mandate and are also pivotal members of a ‘very strong team’ that also includes counsel Yilin Xu, who focuses on public listings, M&A and private equity investments. Christopher Betts departed in April 2021 to become general counsel at Grab.

Testimonials

The very strong team has extensive experience in US securities law, maintains good communication with the company, and provides excellent legal services.’

The team has owned the homecoming market.’

The firm has rich experience in handling various issues.’

Julie Gao is simply the best in the space, and you don’t need to think before deciding to hire her unless you have a hard conflict.’

Julie Gao is very solid and hands-on, and can always provide practical and useful advice.’

The experienced Shu Du is a solid lawyer, who is hands-on and very reliable.’

The superb Paloma Wang – has the rich experience advising top TMT companies listing in Hong Kong.’

Key clients

JD.com (including JD Health and JD Logistics)

NetEase

Baidu

Bilibili

Ke Holding

Lufax

Xiaomi

Pinduoduo

Nio

Kanzhun

Work highlights

  • Acted for Grab Holdings Inc. (Singapore) on its $40bn merger with Altimeter Growth Corp. As a result of the merger, Grab will become a Nasdaq-listed company in what is expected to be the largest-ever de-SPAC transaction globally and the largest-ever U.S. equity offering by a Southeast Asian company.
  • Acted for JD.com, Inc. on its $4.27bn secondary listing of new ordinary shares on the Hong Kong Stock Exchange.
  • Advised JD Health International Inc. on its HK$269bn IPO of ordinary shares and listing on the Hong Kong Stock Exchange.

Allen & Overy

Led from Hong Kong by Lina Lee and aided by a pervasive network of offices across Asia Pacific, Allen & Overy is well-positioned to advise a primarily underwriter side client base (including many bulge bracket investment banks) on listings, not just in Hong Kong, but also across many other popular venues, including Singapore and Vietnam. Lee has been particularly active of advising both sponsors and issuers on IPOs within the biotech and life sciences space. Jonathan Hsui is well-versed in advising on block trades and IPOs, while Hong Kong and US-qualified partner Kung-Wei Liu ensures that the firm is also able to handle international listings on the Hong Kong Stock Exchange.

Practice head(s):

Lina Lee

Other key lawyers:

Jonathan Hsui; Kung-Wei Liu; Ryan Tou

Key clients

Asia International School

Asia Securities Industry & Financial Markets Association

BNP Paribas

Greentown China

China Gas Holdings

CLSA

Morgan Stanley

HSBC

Asia International School

Work highlights

  • Advised the joint lead managers on the HK$11.7bn rights issue by Hong Kong airline Cathay Pacific.
  • Acted as the Hong Kong and US legal adviser to the joint sponsors, joint global co-ordinators and underwriters in relation to the $1.45bn spin-off of ShimaoServices Holdings (Shimao Services) from Shimao Group Holdings (Shimao Group) and its separate listing of shares on the Hong Kong Stock Exchange.
  • Advised China Resources Verlinvest Health Investment Limited, as the majority shareholder in Oatly Group in connection with its $10bn IPO on the Nasdaq Global Select Market.

Herbert Smith Freehills

Led from Hong Kong by Matt Emsley and benefitting from a significant presence on the ground in mainland China, Herbert Smith Freehills‘ seven-partner team has the critical mass and the broad knowledgebase to handle a huge variety of Hong Kong-focused ECM work, including IPOs, secondary listings, block trades and rights issues. Benefiting from a combination of “first mover” advantage, regulatory intel (enhanced by Emsley’s membership on the Hong Kong Stock Exchange Listing Committee) and a deep understanding of the market, the firm has been extremely active advising underwriters on healthcare and 18A listing in Hong Kong. Fluent in Mandarin, Cantonese and English, Jason Sung has an excellent reputation among Chinese banks. Jeremy Shen’s promotion to partner in May 2021 underscores his growing reputation advising on complex and regulatory challenging mandates.

Practice head(s):

Matthew Emsley

Testimonials

Matt Emsley is approachable and is always willing to use his best effort to help on deals‘.

Key clients

Credit Suisse

BofA Securities

UBS

Goldman Sachs

JP Morgan

Morgan Stanley Asia Limited

Huatai Financial Holdings (Hong Kong) Limited

China International Capital Corporation Hong Kong Securities Limited

Macquarie Capital Limited

China Merchants Securities (HK) Co., Limited

Haitong International

Newborn Town Inc.

Norton Rose Fulbright

Norton Rose Fulbright regularly advises Chinese issuers and underwriters on mid-market deals across a range of sectors, including life sciences, property management and TMT. Team head Psyche Tai  has deep experience advising Chinese and multinational corporates on IPOs and listings. Terence Lau  is ‘very knowledgeable and up-to-date with regulatory changes’ and is appreciated for his ability to provide ‘very commercial advice across the gamut of ECM mandates spanning IPOs, convertible bonds, top-up placings and subscription of notes. Senior associate Aldo Chan is well-versed at advising on both transactional securities work, as well as ongoing compliance issues for listed companies.

Practice head(s):

Psyche Tai

 

Testimonials

‘The team is strong on technical knowledge, pays attention to the details, is pro-active and responsive.’

‘Terence Lau is very knowledgeable and up to date with regulatory changes. He is also hands on and give me a lot of partner time and on top all the issues.’

Doris Ng is very senior and experienced, especially in the field of Hong Kong IPOs. It maintains good ties with Hong Kong supervision.’

Key clients

BOC International Holdings

China Galaxy International Securities

China International Capital Corporation (CICC)

China Industrial Securities International Capital

CLSA Capital Markets Limited

CMB International

CNCB Investment

DBS

Haitong International

HSBC

Huatai Financial Holdings (Hong Kong) Limited

ICBC International Capital Limited

Landing International Development Limited

Jacobson Pharma Corporation Limited and JBM (Healthcare) Limited

Macquarie

Morgan Stanley

Shanxi Jinxiu Daxiang Agro-Livestock

Sino-Ocean Service Holding Limited

UBS

Work highlights

  • Advised Jacobson Pharma on the spin-off listing of its branded healthcare business, JBM (Healthcare), on the Main Board of the Stock Exchange of Hong Kong.
  • Advised HSBC and Morgan Stanley as joint sponsors to the spin-off and separate listing of Sunac Services on the Main Board of the Hong Kong Stock Exchange.
  • Advised Sino-Ocean Service Holding Limited on its spin-off listing on the Main Board of Hong Kong Stock Exchange.

Slaughter and May

Leveraging deep relationships with the Hong Kong regulators and also able to draw upon the expertise of numerous current and former members of Listing Committees, Slaughter and May acts for issuers and underwriters on a range of Hong Kong-related ECM work, including IPOs and secondary listings. Formerly in-house counsel at Goldman Sachs, ‘very professional and reliable’ US and Hong Kong-qualified partner John Moore has deep understanding of the legal, regulatory and commercial nuances associated with high value and complex securities transactions, equity placings and convertible bond issues, including SEC-registered, Rule 144A/Regulation S and Rule 144 offerings. UK and Hong Kong-qualified partner Benita Yu is also a key member of the team, particularly in light of her aptitude at handling cross-border listings and share offerings by overseas corporations and PRC state-owned enterprises.

Practice head(s):

Peter Brien; Benita Yu

 

Other key lawyers:

John Moore

Testimonials

The team is very professional in the field of Hong Kong IPOs and mergers and acquisitions.’

John Moore is a very professional and reliable senior partner. On complex legal and commercial issues, he can provide clients with first-class legal advice, which can well balance risks, commercial demands and the feasibility of recommendations.’

Benita Yu provides a very professional and comprehensive service.’

Key clients

Goldman Sachs (Asia) L.L.C.

China International Capital Corporation Hong Kong Securities Limited

Citigroup Global Markets Limited

China Merchants Securities (HK) Co., Limited

Huatai Financial Holdings (Hong Kong) Limited

UBS

China Renaissance Securities (Hong Kong) Limited

Haitong International Securities Company Limited

CCB International Capital Limited

China Everbright Securities (HK) Limited

DBS Asia Capital Limited

Semiconductor Manufacturing International Corporation

Orient Overseas (International) Limited

Alibaba Health Information Technology Limited

Kingdee International Software Group Company Limited

CLSA Limited

J.P. Morgan Securities (Asia Pacific) Limited

BofA Merrill Lynch

Swire Pacific

Work highlights

  • Advised the joint sponsors, the joint global coordinators, the joint bookrunners, the joint lead managers and the underwriters on the Hong Kong and US law aspects of the global offering and listing of Yidu Tech on the Main Board of the HKEx.
  • Advised the sole sponsor, the joint global coordinators, the joint bookrunners and the underwriters on the Hong Kong and US law aspects of the global offering and listing of Kintor Pharmaceutical on the Main Board of the HKEx.
  • Advised Haitong, DBS Asia Capital and other underwriters regarding Hong Kong and US laws on the global offering and listing of BEURG on the Main Board of the HKEx.

Ashurst

Ashurst’s ‘hardworking’ practice is ‘experienced in handling a range of capital markets work‘, both domestically as well as on multijurisdictional and cross-border matters, where it can effectively leverage resources across its international network. Several high-profile regional corporate clients also continue to generate work in the space, including Mobvista, which the firm has advised on compliance issues and various equity capital transactions since it went public in Hong Kong in 2018. Team head Frank Bi has excellent credentials among Chinese corporate issuers (including Mobvista) and SOEs, and is a key member of the team that also includes the ‘extremely hardworking‘ recently promoted New York and Hong Kong-qualified partner Li Jiang.

Practice head(s):

Joshua Cole; Frank Bi

 

Other key lawyers:

Melody He; Stuart Rubin; Li Jiang

Testimonials

The Ashurst team is experienced in handling a range of capital markets transactions such as IPOs, pre-IPO investments, major transactions for listed companies, and other listing-related compliance work. With its international network, it is well positioned in advising multi-jurisdictional and cross-border transactions.’

‘The execution team is hardworking and has seamless communication with the core management to deliver great work on drafting, as well as dealing with comments from the Exchange

‘It’s a small team but is very dedicated to its clients.’

Frank Bi is very patient in dealing with difficult issues.’

Melody He is a very experienced and knowledgeable partner with excellent commercial sense. She knows what is at stake for the client. What sets her apart is her dual qualifications and extensive experiences in both Hong Kong and US capital markets matters. Her multi-jurisdictional expertise has allowed her to always provide practical advice to us.’

Li Jiang is extremely hardworking and provides high-quality advice.’

Key clients

Mobvista Inc.

Kintor Pharmaceutical Limited

Loco Hong Kong Holdings Limited

CEB International

Credit Suisse (Hong Kong) Limited

Bank of America

J.P. Morgan

Merrill Lynch

Morgan Stanley

UBS

Onion Global Limited

Work highlights

  • Advised CEB International as the sole sponsor and a joint global coordinator on the global offering of 150 million shares by AdTiger Corporations Limited and its listing at The Stock Exchange of Hong Kong.
  • Advised Mobvista Inc. on a number of corporate and capital market transactions since its IPO in 2018.
  • Advised Merrill Lynch (Asia Pacific) Limited, J.P. Morgan Securities (Asia Pacific) Limited and Morgan Stanley & Co. International plc as the joint placing agents in relation to the HK$11.57bn secondary block trade sale of 88 million shares of ANTA Sports Products Limited.

Deacons

Deeply embedded into the fabric of the Hong Kong legal and business environment, by virtue its longstanding presence in the country, Deacons is a popular choice among regional banks as underwriters, as well as issuers for their listing work on the Hong Kong Stock Exchange. Praised for his ‘acute and professional judgement in analyzing complex legal issues’, practice head Ronny Chow has vast experience in the market and leads a 13-partner corporate finance team that has the strength-in-depth to handle  IPO work, as well as secondary listings and ongoing regulatory compliance matters. Other recommended practitioners include consultant Eugina ChanMaynard Leung and senior associate Samantha Chau, whose broad expertise also includes compliance advice on securities-related legislation and the listing rules.

Practice head(s):

Ronny Chow

Testimonials

Deacons’ capital markets team is well known in the market for decades, particularly acting for Hong Kong sponsors.’

Deacons is one the leading law firms in providing legal services for IPO in Hong Kong. They have a strong team of experience lawyers in handling IPOs of various sectors.

Ronny Chow has an acute and professional judgement in analyzing complex legal issues.’

Ronny Chow is experienced and has a good commercial sense.’

Canny Lau is diligent and responsible.’

Key clients

BNP Paribas Securities (Asia) Limited

BOCOM International (Asia) Limited

CMB International Capital Limited

Dongxing Securities (Hong Kong) Company Limited

Guotai Junan Capital Limited

Haitong International Capital Limited

Halcyon Capital Limited

ICBC International Capital Limited

Lego Corporate Finance Limited

South China Capital Limited

Work highlights

  • Advised Viva China Holdings on its HK$3.8bn placing of shares of Li Ning Company Limited.
  • Advised the joint sponsors Haitong International Capital Limited and CMB International Capital Limited and underwriters in relation to HK$3.4bn Main Board IPO of Excellence Commercial Property & Facilities Management Group Limited.
  • Advised the underwriter, Haitong International Securities Company, in relation to the HK$2.72bn rights issue by Kaisa Group Holdings.

Hogan Lovells

Although it is relatively small in comparison with some of its peers, Hogan Lovells’ ‘attentive and experienced‘ three-partner team punches-above-its weight, by leveraging its broader international network to good effect on cross-border mandates. UK and Hong Kong-qualified partner Sammy Li leads on much of the most significant Hong Kong-based ECM mandates for issuers and underwriters, work which includes IPOs, global offerings and rights issues. US-qualified partner Stephanie Tang is singled out for her core private equity experience (which has seen her very active over the years in relation to take-private transactions of US-listed Chines companies), she also has experience advising underwriters and issuers on NYSE and NASDAQ IPOs of Chinese companies in the TMT, fintech, and education sectors.

Practice head(s):

Sammy Li; Nelson Tang; Stephanie Tang

 

Other key lawyers:

Samson Suen ; Jeffrey Lee

Testimonials

The team is attentive and experienced, and devoted to their work, particularly when they have taken on the prospectus drafting responsibility.’

Sammy Li is very experienced and can always address the concerns that arise from both the client and sponsor side.’

Key clients

Central China New Life Limited

China Everbright Capital Limited

Ballas Capital Limited

DBS Asia Capital Limited

Central China Real Estate Ltd

Fineland Real Estate Services Group Limited

UBS

BNP Paribas

CICC

Lixiang Education Holding Co., Ltd.

Midea Real Estate Holding Limited

Central China New Life Limited

China Everbright Capital Limited

Ballas Capital Limited

DBS Asia Capital Limited

Central China Real Estate Ltd

Fineland Real Estate Services Group Limited

UBS

BNP Paribas

CICC

Lixiang Education Holding Co., Ltd.

Midea Real Estate Holding Limited

Work highlights

  • Advised Central China New Life Limited as to Hong Kong law, on its IPO and listing of shares on the Main Board of The Stock Exchange of Hong Kong.
  • Advised China Everbright Capital Limited (as the sole sponsor) in connection with the HK$411m IPO and listing of China Gas Industry Investment Holdings Co., Ltd. on the Main Board of the Stock Exchange of Hong Kong.
  • Advising DBS Asia Capital Limited as the sole listing agent and DBS, Credit Suisse and JP Morgan as Joint Global Coordinators in relation to the IPO of SF Real Estate Investment Trust (SF REIT) on the Main Board of the Hong Kong Stock Exchange.

King & Wood Mallesons

Able to advise on Hong Kong, English, PRC and US law, King & Wood Mallesons’s versatile practice is a popular choice for Chinese issuers on their Hong Kong listings, outbound US capital markets offerings and in other cross-border contexts. The team, which is led out of Hong Kong by Candy Chan, works closely with its mainland China offices and counts many PRC companies as major clients which it advises on A-share re-listings.

Practice head(s):

Candy Chan

Testimonials

King & Wood Mallesons Hong Kong has always been our group’s perennial legal counsel, and has deep and long-term cooperative relationships in terms of listing rule compliance, investment projects, and group strategic projects.’

The experienced Anthony Wan provides professional and commercial advice.’

Key clients

China Merchants Securities Co., Ltd.

C&D Property Management Group Co., Ltd

Guotai Junan Capital Limited

Adtiger Corporations

MEGAIN Holding (Cayman) Co., Ltd.

Soochow Securities

Dongxing Securities (Hong Kong)

Geely Automobile Holdings Limited

Chinasoft International Limited

ICBC International Capital Limited

GCL-Poly Energy Holdings Limited

China International Marine Containers (Group) Co., Ltd. (“CIMC Group”)

CIMC Enric Holdings Limited

Bank of Jinzhou Co., Ltd

China International Capital Corporation

Work highlights

  • Advised China Merchants Securities on its A share repurchase, employee share ownership scheme and its HK$16.35bn A+H share rights issue.
  • Advised C&D Property Management on the spin-off and its subsequent listing on the MainBoard of the Stock Exchange of Hong Kong Limited.
  • Advised Guotai Junan Capital Limited as the sole sponsor and other underwriters on theHK$662m IPO and the listing of the H-shares of Financial Street PropertyCo. on the Main Board of The Stock Exchange of Hong Kong.

Morgan, Lewis & Bockius

Despite being a relative newcomer in the country, Morgan, Lewis & Bockius has quickly established itself as a ‘very safe-pair-of hands’ for Chinese issuers and underwriters engaged in IPOs on the Main Board of the Hong Stock Exchange. Although it is active across a range of industry sectors, the team, which is led by Edwin Luk, has gained particular acclaim for its work within the education space, including on some substantial related IPOs. Other work includes advice on secondary offerings, take-private transactions, de-listings and ongoing regulatory compliance. Leveraging its broader international network, the team is also well-placed to advise international companies seeking to access the Hong Kong capital markets.

Practice head(s):

Edwin Luk

Other key lawyers:

June Chan; Keith Cheung; Billy Wong

Key clients

Meten International Education Group

Shanghai Gench Education Group

Leader Education Limited

Canggang Railway Limited

Litian Pictures Holdings Ltd

Raffles Interior Ltd

Hygieia Group Limited

Chengdu Ruizhuo Real Estate Co. Ltd.

China Nuclear Engineering Capital Holdings Limited

Sequoia Capital

China Hongqiao Group Limited

Health and Happiness(H&H) US International Incorporated

CMMB Vision Holding Ltd

Minsheng Education Group

Work highlights

  • Advising Shanghai Gench Education Group on its $89m IPO listing on the main board of the Stock Exchange of Hong Kong.
  • Acting for Leader Education Limited on its $45.16m IPO listing on the mainboard of the Stock Exchange of Hong Kong with a concurrent global placement pursuant to Regulation S.
  • Represented Meten International Education Group, a leading English-language training service provider in China, in the successful completion of its merger with EdtechX Holdings Acquisition Corp., the world’s first special-purpose acquisition company (SPAC) focused on investing in the education services and education technology industry.

Morrison Foerster

Very knowledgeable about the IPO process’, Morrison Foerster’s ‘lean but effective team can deliver a consistently high-quality service, especially on mid-cap transactions’. Proactive efforts and early mover advantage among Chinese banks has reaped dividends and ensures that it picks up a significant amount underwriter side work, alongside its robust issuer practice. Drawing upon the firm’s market-leading overarching TMT and biotech sector strengths, the team, which is led by Hong Kong and New York-qualified partner Venantius Tan, is particularly skilled at advising on ECM transactions. ‘Very approachable and down-to-earth’ New York-law qualified partner Ke Huang is adept at advising issuers and underwriters in Rule 144A and Regulation S international equity and debt offerings throughout Asia, and has also developed niche expertise advising pre-revenue biotech companies on their Hong Kong IPOs under Chapter 18A of the Listing Rules.

Practice head(s):

Venantius Tan; Vivian Yiu; Ke Huang

Testimonials

‘The go-to firm for Hong Kong IPO related matters. They are very knowledgeable about the IPO process.’

The lean but effective team can deliver a consistently high-quality service, especially on mid-cap transactions.’

Vivian Yiu is able to practical and solutions-oriented advice on some thorny issues.’

‘Vivian Yiu has more than 20 years of experience advising on a broad range of corporate transactions, including primary and secondary equity offerings in Hong Kong, PIPEs, public M&A transactions, cross-border M&A transactions and formation of joint ventures.’

‘Huang Ke is very approachable and down-to-earth, and his technical skills are unparallelled.’

Key clients

CLSA Capital Markets Limited

Huatai Financial Holdings (Hong Kong) Limited

Controlling shareholders of Shenzhou International Group Holdings Limited

Greenland Hong Kong Holdings Limited

Oriental University City Holdings (H.K.) Limited

Alibaba Group Holding Limited

Poly Property Group Co., Limited

TATA Health International Holdings Limited

Kindstar Global Beijing Technology Inc.

Work highlights

  • Advised the joint sponsors, CLSA Capital Markets Limited and Huatai Financial Holdings (Hong Kong) Limited, and underwriters in relation to Jinke Smart Services Group IPO on the Hong Kong Stock Exchange.
  • Advised Alibaba Group Holding Limited in connection with Ant Group’s proposed IPO on the Hong Kong Stock Exchange (and STAR Board).
  • Acted for the controlling shareholders on their approximately HK$5bn block trade of shares in Shenzhou International Group Holdings.

O'Melveny

Forming a key part of a co-ordinated Greater China offering alongside Beijing and Shanghai located colleagues, O’Melveny‘s Hong Kong-based capital markets team exhibits a comprehensive perspective of market trends and commercial pinch points for a balanced issuer and underwriter-side client base. As well as picking up significant domestic IPO work, the firm’s US network and the team’s ability to advise on US securities law from Hong Kong is a strong selling point to Chinese issuers on their outbound transatlantic matters. Although it is active on deals spanning a wide range of industry sectors, the team ‘is very knowledgeable in the healthcare sector‘ and has been particularly active in advising on life sciences IPO mandates. ‘Commercial, knowledgeable and client-friendly’ Beijing-based Ke Geng heads the practice.

Practice head(s):

Ke Geng

Other key lawyers:

Edwin Kwok; Portia Ku; Ke Zhu

Testimonials

The team is very knowledgeable in the healthcare sector.’

As a brokerage lawyer, Edwin Kwok can give the sponsor clear feedback on key issues. As an issuer’s lawyer, he can also fully protect the interests of the issuer and have an effective relationship with the sponsor.’

Ke Geng is very responsive, commercial, knowledgeable, and client-friendly.’

Key clients

RemeGen

J.P. Morgan, BofA Securities, CICC, and Haitong International as joint sponsors

Akesobio

Peijia Medical

Simcere

JACOBIO

Honliv Healthcare

Hygeia

Yeahka

Zero2IPO

Keymed biosciences

CICC and CITI

Brii Biosciences

Beijing Keya Medical Technology

Shanghai Bio-heart biological Technology

Goldman Sachs and CICC

Betta Pharmaceutical

CCB International

Acotec Scientific Holdings

Work highlights

  • Advised RemeGen in its $515m HKIPO.
  • Assisted J.P. Morgan, BofA Securities, CICC, and Haitong International as joint sponsors and other underwriters with the $1.67bn secondary listing of GDS Holdings’ Hong Kong IPO.
  • Acted for Akesobio in its $383m Hong Kong IPO.

Paul Hastings LLP

Leveraging the firm’s institutional ties with a slew of international commercial/investment banks and also benefiting from close ties with many China-based financial services entities, Paul Hastings LLP is regularly instructed to advise on a significant volume of IPO and global offering work, as well as on secondary listings, right issues, placing, block trade and follow-on offerings. Clients, which also include corporates and SOE issuers, also benefit from the Hong Kong team’s ability to draw upon the expertise of lawyers across its strong Asia Pacific network, to effectively advise on pan-Asian mandates. Sector strengths include real estate, biotech and healthcare. With a versatile practice that spans H-share listings, share purchase agreements and Hong Kong IPOs, Raymond Li is appreciated by underwriters and issuers and chairs the Greater China practice that also includes well regarded Hong Kong and New York-qualified partner Vincent Wang.

Practice head(s):

Raymond Li; Neil Torpey ; Jia Yan (Beijing)

Key clients

Morgan Stanley

Credit Suisse

HSBC

Citi

CMB International Capital Limited

CCB International Capital Limited

CITIC CLSA

BOCI Asia Limited

Fosun

China Merchants Securities

China Vanke

COSCO SHIPPING Development Co., Ltd.

ICBC International Capital

Jinshang Bank

China Bohai Bank Co., Ltd

Work highlights

  • Advised WH Group Limited on its approximately $1.92bn conditional voluntary cash offer to buy-back for cancellation for up to 1,916,937,202 shares, representing approximately 13% of its total issued share capital.
  • Advised China Bohai Bank, a nationwide joint-stock commercial bank in China, in its $1.77bn global offering and listing of its H Shares on the Main Board of the Hong Kong Stock Exchange.
  • Advised I.T Limited on the proposal for the privatisation of I.T Limited by Brooklyn Investment Limited by way of a scheme of arrangement under section 99 of the Companies Act of Bermuda and the withdrawal of listing of the shares of I.T Limited from the Hong Kong Stock Exchange.

Sullivan & Cromwell

Sullivan & Cromwell has a good reputation in the market advising underwriters and issuers on IPOs, rights issues and H-share offerings, particularly within the biotech, education and TMT sectors. Key practitioners include Kay Ian NG, Ching-Yang Lin and of counsel Chun Wei.

Other key lawyers:

Kay Ian NG; Ching-Yang Lin; Chun Wei

Baker McKenzie

Strengthened by the arrival of Victoria Lloyd from Ropes & Gray LLP in July 2021, who benefits from vast transactional and regulatory experience in the market, Baker McKenzie’s cohesive Hong Kong and PRC-based team is a compelling proposition to an issuer-focused client base (including Chinese corporates and SOEs) across the gamut of ECM work, including rights placements and spin-offs. Despite being less visible on big-ticket mandates, the team has developed niche expertise advising on real estate investment trust (REIT) IPOs and is also well-placed to advise on multijurisdictional mandates by virtue of its vast international network of offices. Jackie Lo and Christina Lee co-head the team.

Practice head(s):

Jackie Lo ; Christina Lee

Other key lawyers:

Ivy Wong; Brian Wong

Testimonials

The team has solid professional knowledge, excellent experience in communicating with the regulatory agencies, and can quickly respond to and solve the legal needs of clients.’

Key clients

BC Technology Group

BOC International Holdings Company Limited

China Ecotourism Group Limited (formerly known as China LotSynergy Holdings Limited)

China Evergrande New Energy Vehicle Group Limited

China International Capital Securities Limited (CICC)

China Pacific Insurance (Group) Co., Ltd.

CMBC Capital

Coolpad Group Limited

Far East Horizon Limited

Guotai Junan International

HSBC

ICBC (Asia)

Orient Securities (Hong Kong)

SF Holding (parent of SF Express, the Shenzhen-based multinational delivery services and logistics company)

Shoucheng Holdings Limited

Silk Road International

SK Holdings Co

3SBio Inc.

BC Technology Group

BOC International Holdings Company Limited (“BOCOM International”), a subsidiary of the Bank of Communications Co., Ltd

China Ecotourism Group Limited (formerly known as China LotSynergy Holdings Limited)

China Evergrande New Energy Vehicle Group Limited

China International Capital Securities Limited (CICC)

Coolpad Group Limited

SF Holding (parent of SF Express, the Shenzhen-based multinational delivery services and logistics company)

Shoucheng Holdings Limited

SK Holdings Co

3SBio Inc.

Work highlights

  • Acting as issuer’s counsel on the establishment and IPO of SF REIT. This is the first logistics-focused REIT in Hong Kong.
  • Advised China Evergrande New Energy Vehicle Group Limited on the (i) the proposed issue of new shares to six investors; (ii) acquisition of the remaining 17.6% stake in National Electric Vehicle Sweden AB (NEVS); and (iii) placing of existing shares and top-up subscription of new shares.
  • Acting for CICC as financial adviser’s counsel in the proposed rights issue of Orient Securities Company Limited.

Cleary Gottlieb Steen & Hamilton

Co-headed by Freeman Chan and Shuang Zhao, Cleary Gottlieb Steen & Hamilton‘s integrated US and Hong Kong capital markets team acts for issuers and underwriters across the panoply of ECM mandates, including on Hong Kong-listed IPOs, SEC-registered and Reg S/Rule 144A IPOs and follow-on offerings. The team also has extensive regulatory expertise, enabling it to effectively advise on listing and take-over code issues, as well as post-listing compliance matters.

Practice head(s):

Freeman Chan; Shuang Zhao

 

Other key lawyers:

Robert Williams; Raymond Lam

Key clients

BofA Securities

Burning Rock Biotech

Goldman Sachs

Huazhu Group Limited

iClick Interactive Asia

Morgan Stanley

OneConnect Financial Technology

Work highlights

  • Advised the joint sponsors, joint global coordinators, joint bookrunners, joint lead managers, and underwriters, on the $3.2bn global offering of ordinary shares and primary listing of JD Logistics Inc. on the Hong Kong Stock Exchange.
  • Advised Burning Rock Biotech Limited on its US IPO and concurrent private placement.
  • Advised the joint sponsors, joint global coordinators, joint bookrunners, joint lead managers, and underwriters in the $3.5bn global offering of ordinary shares and primary listing of JD Health International Inc. on the Hong Kong Stock Exchange.

DLA Piper

Led by Luke Gannon, DLA Piper‘s capital markets team is particularly adept at advising issuers, including international companies, on their Hong Kong listings. While the core ECM offering may be smaller than some of its peers, it is able to punch above its weight by virtue, not only of its ability to leverage vast international resources for cross-border deals, but also to draw upon the office’s full-service capabilities. Life sciences, consumer goods and technology are particular sector strengths. The team was bolstered by the arrival in March 2021 of Arthur Tso from Kirkland & Ellis, particularly in light of his credentials advising Chinese companies on Hong Kong listings, and in November 2021 of George Wu from Herbert Smith Freehills who has particular experience advising on IPOs, and follow-on offerings in Hong Kong and US capital markets.

Practice head(s):

Luke Gannon

Other key lawyers:

Christina Loh; Arthur Tso ; George Wu

Key clients

Mont Avenir Capital Limited

China Ping An Group

Benchmark

Valuable Capital

Maxim Group

China Merchants Securities (HK)

AMTD No8 BOC International

Hangzhou Qiantang New Area Construction and Investment Group

WiMi Hologram Cloud Inc.

Guangdong-Hong Kong Greater Bay Area Holdings Limited

Kunlun Energy Company Ltd

BAIOO Family Interactive Limited

Besunyen Holdings Company Limited

Chengdu Expressway Co., Ltd.

Tian Ge Interactive Holdings Limited

SouthGobi Resources Ltd

Luye Group

Dadi International Group Ltd

Work highlights

  • Advised Mont Avenir Capital, as the sole sponsor and sole global co-ordinator, on the HK$872m global offering and listing of Newlink Technology Inc. on the Main Board of the Hong Kong Stock Exchange.
  • Advised China Ping An Group on the $2.36bn initial US public offering and listing on the New York Stock Exchange.
  • Advised Air China on the HK$39bn recapitalization plan for Cathay Pacific.

Eversheds Sutherland

Led by the ‘very experienced’ Stephen Mok , Eversheds Sutherland‘s ‘young and hungry‘ team provides ‘approachable and practical‘ advice to issuers from a range of sectors, including biotech, healthcare and property, on their Hong Kong IPOs, spin-off listings and secondary placings. The team’s ability to leverage an extensive international network also ensures that it is well-positioned to advise on complex multijurisdictional matters. Hong Kong and UK-qualified partner Dickson NG is ‘knowledgeable and pragmatic‘. Norman Hui joined Dentons Hong Kong in February 2021.

Practice head(s):

Stephen Mok  (Head of Corporate, Asia)

Other key lawyers:

Amy Yu ; Dickson NG

Testimonials

The Eversheds ECM team is young and hungry. They are approachable and practical, and are able to deal with complex multi-jurisdictional issues given the strong capability across their network.’

The team is very business-oriented.’

Stephen Mok is very experienced, with very good commercial sense.’

Dickson Ng is knowledgeable and hands-on, understands clients’ needs and is pragmatic.’

Key clients

EuroEyes International Eye Clinic Limited

China International Capital Corporation Hong Kong Securities Limited (CICC)

Jilin Province Chuncheng Heating Company Limited

BOCI Asia Limited

Acme International Holdings Limited

Imagi International Holdings Limited

China Gas Industry Investment Holdings Co. Ltd.

Fortune Financial Capital Limited

CCB International Capital Limited

Imagi International Holdings Limited

CGN New Energy Holdings Co., Ltd.

CITIC Resources Holdings Limited

Fangda Partners

With a sizeable presence in Hong Kong and the PRC, Fangda Partners has excellent credibility among regional and international issuers and underwriters listing on the Hong Kong stock exchange. Under the guidance of Colin Law, who has 'strong professional skills', the team has been particularly prolific advising on mid-to-high end mandates, including IPOs and H-share offerings, in the healthcare and education sectors.

Practice head(s):

Colin Law

Testimonials

Colin Law has strong professional skills, can respond to various consulting questions of the company in a timely manner, and has a scholarly demeanor.’

Key clients

JW (Cayman) Therapeutics Co. Ltd

Goldman Sachs

J.P. Morgan

Huatai Securities

Morgan Stanley

Southwest Securities (HK) Capital Limited

Agricultural Bank of China Limited

Jinxin Fertility Group Limited

Shandong Fengxiang Co., Ltd.

WuXi Biologics (Cayman) Inc.

WuXi Biologics Holdings Limited

Ant Group Co., Ltd.

Cheshi Holdings Limited

Haina Intelligent Equipment International Holdings Limited

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.

C-MER Eye Care Holdings Limited

Shandong International Trust Co., Ltd.

Bawang International (Group) Holding Limited

G-Resources Group Limited

IDG Corporation

Dialog Group Berhad

Dialog Corporate Sdn Bhd

CDH Investment

CITIC Private Equity

Work highlights

    Jones Day

    Combining local with high-end international expertise, and also being able to leverage resources spread across US, Europe and Asia Pacific, Jones Day‘s Hong Kong team handles cross-border mandates for a balanced mix of issuers and underwriters. Joelle Lau and Charles Chau co-head the financial markets group and are both extremely well-versed in advising on IPOs and post listing fund raising transactions on the Hong Kong Stock Exchange, particularly within the healthcare, life sciences and TMT sectors.

    Practice head(s):

    Joelle Lau; Charles Chau

     

    Other key lawyers:

    Donna Ko; Halent Zhang

    Key clients

    GenScript Biotech Corporation

    Legend Biotech Corporation

    New Hope Group Co Ltd

    China Galaxy International Financial Capital Limited

    China International Capital Corporation Limited

    China International Capital Corporation Hong Kong Securities Limited

    China Everbright Securities International Limited

    CMBC International Capital Limited

    Shanghai Junshi Biosciences Co., Ltd

    Asia-Germany Industrial Promotion Limited

    Halcyon Capital Limited

    Mr. LEE Ka Kit (through his wholly-owned special purpose vehicle, Peace Perfection Limited or Successful Lotus Limited)

    BOC International (Asia) Limited

    Huatai Financial Holdings (Hong Kong) Ltd

    BNP Paribas Securities (Asia) Limited

    Shanghai Junshi Biosciences Co., Ltd.

    UBS AG Hong Kong Branch

    UBS Securities Hong Kong Limited

    OMERS Administration Corporation

    The Hong Kong and China Gas Company Limited

    Samson Paper Holdings Limited

    Work highlights

    • Advised GenScript Biotech Corporation, its controlling shareholder GenScript Corporation, and its subsidiaries Legend Biotech Corporation and Probio Technology Limited in relation to the approximately $1bn investment by Hillhouse Capital.
    • Advised Shanghai Junshi Biosciences Co., Ltd. on the issue and listing of its A Shares on the STAR Market of the Shanghai Stock Exchange from the Hong Kong Listing Rules perspective.
    • Acted as the US and Hong Kong legal advisors of GenScript Biotech Corporation in relation to the approximately $423.8m IPO and spin-off listing of its subsidiary Legend Biotech Corporation.

    Milbank

    Although lacking visibility in the domestic market, Milbank ‘s Hong Kong team, under the leadership of the vastly experienced James Grandolfo and aided by Paul Pery, has developed a particularly strong reputation advising issuers and underwriters on Philippines-related equity capital markets transactions. The arrival of Alex Tao from Allen & Overy in June 2020 enhances the firm’s capabilities in advising Chinese corporates on their US listings.

    Practice head(s):

    James Grandolfo

    Other key lawyers:

    Paul Pery; Alex Tao

    Key clients

    BofA Securities

    Morgan Stanley

    Asia United Bank

    Deutsche Bank

    China Bank Capital

    HSBC

    BPI Capital

    CLSA

    Credit Suisse

    BDO Capital

    Bank of America Merrill Lynch

    Nomura Singapore Limited

    CIMB Investment Bank Bhd,

    Macquarie Capital Securities (Singapore) Pte Limited,

    Maybank Kim Eng Securities Pte. Ltd.,

    PNB Capital and Investment Corporation,

    Standard Chartered Bank

    BNP Paribas Securities (Asia) Limited

    Investment & Capital Corporation of the Philippines,

    RCBC Capital Corporation

    Australia and New Zealand Banking Group Limited

    DDMP REIT, Inc

    Converge Information and Communications Technology Solutions, Inc.

    Monde Nissin Corporation

    Work highlights

    • Advised UBS, Citi, Credit Suisse and J.P. Morgan as joint global coordinators in connection with the Rule 144A/Reg S initial public offering of Monde Nissin Corporation on the Philippine Stock Exchange.
    • Advised the international bookrunners and the domestic underwriters in connection with the ₱14.7bn IPO by DDMP REIT, Inc., a subsidiary of Philippine real estate development company, DoubleDragon Properties Corp.
    • Advised the underwriters and selling agents in connection with the $600m IPO of Converge Information and Communications Technology Solutions, Inc.

    Reed Smith Richards Butler

    Led by Denise Jong, the ‘hardworking and diligent‘ team at Reed Smith Richards Butler provides ‘very knowledgeable and commercial‘ advice across a variety of equity capital raising mandates on the Hong Kong Stock Stock Exchange, including IPOs, secondary offerings, privatisations and delistings. The firm is also well-placed to advise on cross-border mandates leveraging its sizeable international network of offices, while its ability to advise on US law from Hong Kong ensures that the team is able to advise on Reg S and 144A aspects of IPOs. Of the more junior partners, Anthony Woo has ‘strong knowledge and technical skill‘, which he deploys to good effect across a range of corporate finance mandates for SOEs, as well as transport and tech-related companies.

    Practice head(s):

    Denise Jong

     

    Other key lawyers:

    KC Mok; Patrick Wong; Anthony Woo

    Testimonials

    ‘The hardworking and diligent team is excellent across a variety of issues, is responsive, and full of ideas.’

    The partners are very knowledgeable, commercial and hands-on. Their fees are very reasonable compared to other international law firms. The firm also has a very sizeable global practice, especially in the US, which is very helpful to clients with businesses in the US.’

    ‘The team provided timely and satisfactory legal services upon very short notice and within an extremely tight time-frame.’

    ‘Anthony Woo is very helpful and informative. He can always be relied on to provide prompt professional suggestions/opinions to us.’

    ‘The responsive Anthony Woo possesses strong knowledge and technical skill, and is familiar with overall market practices.’

    Wilson Sonsini Goodrich & Rosati

    At Wilson Sonsini Goodrich & Rosati, Hong Kong and New York-qualified team head Dan Ouyang has significant experience advising Chinese issuers from a range of sectors, including technology, healthcare, media and telecoms, on IPOs and follow-on offerings in the US and Hong Kong.

    Practice head(s):

    Dan Ouyang

    Key clients

    Credit Suisse Securities

    Deutsche Bank Securities

    Goldman Sachs

    Citigroup Global Markets

    BofA Securities

    China International Capital Corporation

    Cloopen Group Holding Limited

    Agora, Inc.

    I-Mab

    WuXi AppTec

    Work highlights

    • Advised Agora Agora on its $512.5m IPO and concurrent private placement, which involved complex issues arising from the Covid-19 pandemic, including technology innovations to manage the dispersed cross-border working group as a result of travel restriction imposed by the pandemic.
    • Advised Cloopen Group Holding Limited on its $368m IPO with the underwriters exercising their option to purchase additional American Depositary Shares (ADS) in full.
    • Advised I-Mab on a $418m private placement through a PIPE transaction with a consortium of investors led by Hillhouse Capital Group.

    Addleshaw Goddard

    The ‘knowledgeable’ team at Addleshaw Goddard advises sponsors and underwriters engaged in Hong Kong ECM work. Hong Kong and UK-qualified team head Daniel Wan takes the lead on most of the work and has vast experience advising sponsors and underwriters on domestic IPOs across an array of industry sectors, including transport, healthcare and property.

    Practice head(s):

    Daniel Wan

    Testimonials

    ‘Addleshaw Goddard has vast experience working as a sponsor lawyer on IPOs.’

    The team is knowledgeable and provides an exceptional service.’

    ‘Daniel Wan is available to discuss critical matters with the sponsor in an IPO exercise. He also speaks out for the sponsor’s interest in regular all parties meetings despite the listing applicant may not welcome what he says.’

    Key clients

    BOCOM International (Asia)

    China Galaxy International Securities (Hong Kong) Co., Ltd.

    China Industrial Securities International Capital Limited

    CMB International Capital Limited

    Guosen Securities (HK) Capital Company

    Guotai Junan Capital Limited

    Haitong International Capital Limited

    Southwest Securities (HK) Capital Limited

    SPDB International Capital Limited

    Zhongtai International Capital Limited

    Howse Williams

    The ‘professional and diligent‘ team at independent Hong Kong-based firm Howse Williams has a strong reputation in the market advising small-to-mid size cap companies on their domestic listings. Formerly an investment banker, team head Brian Ho has an excellent perspective of both the legal and the commercial nuances of work and is appreciated by both sponsors and issuers for his ‘goal-oriented’ approach.

    Practice head(s):

    Brian Ho

    Testimonials

    The team is professional and diligent.’

    Experienced and committed in Hong Kong IPOs.’

    Brian Ho is goal-oriented and has a strong commercial mindset, hence he knows how to resolve issues for his clients.’

    Brian Ho is a seasoned professional.’

    The very professional and reliable Chris Yu strikes the correct balance between legal and commercial issues.’

    HW team’s advantage is that they are able to fully listen and understand client needs, provide professional advice targeted at client needs and the actual situations. They are also very professional on service details, able to explore key issues in the company’s challenges, so as to allocate the best lawyers to handle cases. The key skills of the team are extensive experiences in financial legal services, comprehensive and targeted interpretation of the law, with timely communication with the company in advance. They are very professional in time management based on the needs of clients.

    ‘Chris Yu and Salina Cheung are able to provide timely interpretation of the company’s problems from a legal perspective, especially the key analysis of the core issues, which is in-depth and targeted.’

    Key clients

    CMBC International Capital Limited

    Alliance Capital Partners Limited

    Grande Capital Limited

    Xingye Wulian Service Group Company Limited

    First Shanghai Capital Limited

    Dongxing Securities (Hong Kong) Company Limited

    China Youzan Limited YesZensun Enterprises Limited

    China Tonghai Capital Limited

    Mayer Brown

    Benefiting from strong relationships with regional banks and corporates, and also able to leverage significant global resources, including out of London and New York, Mayer Brown is a popular choice among issuers and underwriters on global offerings and listings. Drawing upon a deep well of regional corporate finance expertise, UK and Hong Kong-qualified team head Billy Au is regularly instructed by Chinese state-owned and privately-owned entities, which are also appreciative of his Chinese language skills.

    Practice head(s):

    Billy Au

     

    Other key lawyers:

    Jeckle Chiu

    Key clients

    China Overseas Land & Investment Ltd.

    BOCI Asia Limited

    AK Medical Holdings Limited

    Jiayuan International Group Limited

    BNP Paribas

    CCB International Capital Limited

    Credit Suisse

    Guotai Junan Capital Limited

    Haitong International Securities Company Limited

    UBS Securities Hong Kong Limited

    Ropes & Gray LLP

    Ropes & Gray LLP‘s core strength lies in its ability to advise its impressive roster of regional and global investment management firms on their Hong Kong-related ECM work, both in relation to cornerstone investments in newly listed companies, as well as in the context of exits for portfolio companies. Former team head Victoria Lloyd joined Baker McKenzie in July 2021.

    Other key lawyers:

    Nicholas Cheung

    Shearman & Sterling

    At Shearman & Sterling, team head Kyungwon Leeis an extremely reliable partner on capital markets transactions which have US touchpoints’, including advising underwriters on SPAC IPOs by Asia-based sponsors.

    Practice head(s):

    Kyungwon Lee

    Other key lawyers:

    Alan Yeung ; Leo Wong

    Testimonials

    Kyungwon Lee has a deep understanding of the investment banking business and is able to deliver highly practical advice. He brings a wealth of knowledge and experience in the US securities markets and is an extremely reliable partner on capital markets transactions which have US touchpoints.’

    Key clients

    Alliance Global Partners

    Barclays Capital Inc

    BofA Securities Inc.

    China Renaissance Securities (Hong Kong) Limited

    Cowen and Company LLC

    Credit Suisse

    Goldman Sachs (Asia) L.L.C.

    ICBC International Securities Limited

    JW (Cayman) Therapeutics Co. Ltd.

    Microvast Inc.

    Morgan Stanley & Co. LLC

    Work highlights

    • Advising the banks, including Goldman Sachs, who are acting as joint placements agents in connection with Plus’ business combination with special purpose acquisition company (SPAC) Hennessy Capital Investment Corp. V.
    • Advised the underwriters on the $250m IPO and Nasdaq listing of L Catterton Asia Acquisition Corp.
    • Advised the book-running managers in connection with the $276m IPO and NYSE listing of Tiga Acquisition Corp, a special-purpose acquisition company.

    Tian Yuan Law Firm

    Benefiting from a sizeable footprint in Mainland China and numerous lawyers based out of Hong Kong, Tian Yuan Law Firm is particularly adept at advising Chinese issuers listing on the Hong Kong Stock Exchange. In this context, the firm has developed a particularly strong reputation within the healthcare and TMT sectors and is noted for its ‘experience and knowledge in handling complex situations’. The ‘very experiencedWilliam Ji and the ‘responsive, reasonable and savvy’ Nan Li co-head the team and have both recently provided the local law advice for numerous China-based TMT and healthcare companies on their IPOs in Hong Kong.

    Practice head(s):

    Nan Li ; William Ji

    Other key lawyers:

    Ning Liu; Charles Wang; Lindsay Gao

    Testimonials

    It is a very professional team that has experience and knowledge in handling complex situations.’

    The team is responsive and familiar with IPO deals, especially in theTMT industry.’

    They are fully aware of the special and important matters that Chinese-funded enterprises need to pay attention to when doing business in and out of China.’

    Nan Li is very responsive, reasonable and savvy.’

    William Ji’s legal background and practical experience in mainland China, Hong Kong and UK ensures he is a master of laws, regulations and policy guidelines, and is able to provide practical legal services to clients at home and abroad.’

    William Ji and Ning Liu are very experienced, hands on and understand the client’s needs.’

    Key clients

    Simcere Pharmaceutical Group Limited

    Hygeia Healthcare Holdings Co., Limited

    Netjoy Holdings Limited

    Strawbear Entertainment Group

    Neusoft Education Technology Co. Limited

    Youzan Technology Inc.

    Chaoju Eye Care Holdings Limited

    Chindata Group Holdings Limited

    OrbiMed Advisors LLC

    IDG Capital Mega Fund Management Ltd

    Comba Telecom Systems Holdings Limited

    Beijing Chuangxinzhong Technology Co., Ltd.

    Hangzhou Xiaoma Education Technology Co., Ltd.

    Beijing Energy Group Co., Ltd.

    Advanced Photoelectronic Technology Limited

    Archosaur Games Inc.

    Raily Aesthetic Medicine International Holdings Limited

    China Maple Leaf Educational Systems Limited

    Shanghai Prime Machinery Company Limited

    Joy Spreader Interactive Technology. Ltd

    Litian Pictures Holdings Limited

    Hope Education Group Co., Ltd.

    Work highlights

    • Acted as Hong Kong law advisers to Simcere on its HK$3.6bn global offering and IPO on the Stock Exchange.
    • Acted for Hygeia Healthcare on its HK$2.4bn global offering and IPO on the Stock Exchange.
    • Assisted Netjoy with its HK$1.4bn global offering and IPO on the StockExchange.